Apple’s mobile payment service Apple Pay proves that patience is a competitive edge for companies that know how to wield it.
Ben Cohen for The Wall Street Journal:
Patience often sounds like a dirty word to our tech overlords — Steve Jobs wasn’t exactly Job — but only time can break certain habits of human behavior. Trillions of dollars in market cap buys that kind of time. Not every company has the luxury of playing the long game, but it was an indulgence the world’s richest corporation could afford.
The percentage of iPhones with Apple Pay activated was 10% in 2016 and 20% in 2017, according to research from Loup Ventures, as most people seemed perfectly happy with their plastic cards and leather wallets. Adoption nearly doubled again in 2018. It hit 50% by 2020. Now it’s around 75% and inching closer to ubiquity.
The company says that 90% of retailers across the U.S. now take Apple Pay. The number that accepted contactless payments when the service was introduced was 3%.
Apple Pay is also the top payment app for teenagers, according to investment firm Piper Sandler. As teens and cities go, so goes the nation.
MacDailyNews Take: Patience is a virtue.
Nobody in their right mind expects this to happen overnight. Inexorably, Apple Pay will grow around the world. — MacDailyNews, June 2, 2016
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